FNO: InsureTech Alacrity Solutions

In this episode of the FNO InsureTech Podcast, hosts Lee Boyd and Rob Beller catch up with Ty Harris, CEO and co-founder of Openly, for his second appearance on the show.

Join Ty, Rob, and Lee as they dive into the challenges and opportunities within the insuretech sector, focusing on Openly’s growth, remote work success, and strategies for navigating the current market. Harris shares insights on Openly’s tech-enabled approach to home insurance, targeting the mass affluent market through independent agents and leveraging advanced data modeling and efficient expense management.

The discussion also explores Openly’s focus on customer and agent satisfaction, the potential for entering the auto insurance market, and broader industry trends, including the impact of AI. Harris’s unique background, from academia to poker and ballroom dancing, adds depth to his perspective on leading an innovative insurance startup.


 

In this episode, we have a lively discussion with leaders at Verisk — Aaron Brunko, President, and David Obert, Chief Product Officer. 
Our conversation covers the importance of embracing AI and innovation in the insurance sector, the evolution of property estimating solutions, and the future of work in an increasingly technological landscape. Aaron and David offer insights and predictions about the impact of AI on the insurance industry, highlighting how it could streamline processes, improve decision-making, and impact the overall efficiency of claims management.

This week, Rob and Lee welcome an esteemed panel including four of the founding members of the InsurTech Coalition: Austin Bailey from Branch, Scott Fischer from Lemonade, Jeremy Dietch from Boost and Rachael Dugan from Indigo. Together, they talk about the mission of the InsurTech Coalition and benefits of membership, the Coalition’s aim to shape regulation through education and transparency, and how we can better use technology responsibly in insurance. 
 
Learn More:
www.fnoinsuretech.com
InsurTech Coalition 
Branch 
Lemonade 
Boost Insurance 
Indigo 
 
What You’ll Hear In This Episode:
[5:10] The four guests introduce themselves and how they got into the Coalition.
[9:32] What is the InsurTech Coalition? 
[12:35] What is the shared goal of the InsurTech Coalition? 
[14:33] Being proactive vs reactive in regulation.
[16:12] The Coalition aims to become more proactive in shaping regulation for insurance and technology.
[21:03] The proactive nature of the Coalition’s work and a collaboration process at all steps. 
[22:14] The Coalition’s ultimate mission isn't to disrupt regulation, it is to better work with regulation. 
[23:49] The challenge of technology outpacing laws and regulations. 
[26:11] The core objectives of responsible use of technology in insurance. 
[32:07] The evolution of the Coalition. 
[33:06] Timeliness of AI adoption in the insurance industry.
[35:16] Collaboration despite competition. 
 

This week, Rob and Lee welcome Ali Azhar, Chief Business Development Officer at HOVER to discuss the company's growth and innovations. Ali talks about leading the charge to work on the current verticals in construction, insurance and moving into new verticals. He discusses HOVER's journey from 2018 and all the changes that have occurred since then. Ali also shares insights into HOVER's commitment to hiring top talent and how artificial intelligence has shaped the company since its early days and their vision for the future through emerging technologies.
 
Learn More:
www.fnoinsuretech.com
HOVER 
Ali on LinkedIn   
 
What You’ll Hear In This Episode:
[7:06] Ali joins from Franklin, TN. 
[7:20] Ali shares more about his career history and his family coming to New Jersey by way of Afghanistan. 
[10:08] Ali’s growth from a traditional sales leadership role to CRO, focusing on optimizing core businesses and developing new markets. 
[12:29] Starting with the construction vertical and scaling to home improvement. 
[15:05] Insurance is the fastest growing sector. 
[16:40] Monetizing AI-powered design tool for contractors.
[19:50] HOVER’s leadership never wavered in their commitment to deliver a solution that would provide incredibly high utility and value to the end consumer. 
[21:10] HOVER provides more than measurements.  
[24:00] The magic moment of using HOVER’s technology. 
[25:35] A counterbalance between the needs of pro users as well as policy holders.
[30:45] Why is construction the largest vertical? 
[33:20] The importance of human psychology in implementing technology. 
[38:26] HOVER’s great hiring philosophy - if you want to work there, you have to be nice! 
[41:02] Product development and what can we expect in HOVER’s future? 
[44:56] AI’s impact on Hover. 
 

Rob and Lee start with some T-shirt talk before welcoming guest Gustavo Doria Filho, Founder of CQCS.
What began as an online network for insurance professionals in Brazil has flourished into a global community of over 100,000 subscribers. In the episode, Gustavo shares the journey of founding CQCS and highlights the vibrant landscape of insurance and innovation in Brazil, offering insights that resonate far beyond its borders. He talks about how Brazil's thriving InsurTech ecosystem is shaping the future of the industry worldwide and what we can expect from future events and opportunities.
 
Learn More:
www.fnoinsuretech.com
CQCS
Gustavo on LinkedIn  
 
What You’ll Hear In This Episode:
[7:50] Gustavo’s career path and CQCS’s history. 
[10:11] Organizing a mirror ITC event in Brazil. 
[12:30] What was the first year like? 
[14:35] In the US, each state has their own insurance regulator, while in Brazil, the entire country is under one regulator. 
[16:26] The event is a mirror effect of the original ITC. 
[17:39] Excitement about InsurTech in Brazil. 
[19:47] Brazil’s paperless bank system. 
[20:56] Gustavo highlights the growth of the insurance industry in Brazil. 
[23:56] What attendees get out of the different sessions. 
[26:56] Brazil’s great ecosystem that helps people both feel trusting and as though they are having fun. 
[27:59] More about the big events in November 2024 and what we can expect.  
[29:21] The small things that make a difference in the event, including a diverse speaker lineup, providing a zero waste event, and of course that Brazilian sunshine. 

Rob and Lee chat about their recent trip to London and then welcome Danny Chatziprodromou, CEO and Co-Founder of REOR20. Danny talks about how REOR20 is applying AI to revolutionize flood risk assessment and underwriting, and how the innovative technology could transform the flood insurance industry. He details more about how their physics-based AI model is one of a kind and provides more accurate risk predictions, allowing for a transformative solution for engineering-focused underwriting.
 
Learn More:
www.fnoinsuretech.com
REOR20
Danny on LinkedIn
 
What You’ll Hear In This Episode:
[7:24] Danny explains more about the meaning and name REOR20.
[9:11] Fun Fact: Danny wanted to become a Formula One engineer as a child.
[11:03] REOR20 coming out of stealth mode.
[11:48] Winning Lloyd's competition, Lloyd's of London.
[12:33] Building deep tech, AI that understands physics.
[16:47] What REOR20 brings to the market.
[23:44] Rewriting the thinking and methodology that has been in place.
[25:18] How would this affect claim management?
[27:45] REOR20 working with insurance directly.
[30:05] Winning the Lloyd Labs contest and what they got out of the collaboration.
[32:11] Flooding is the #1 catastrophe on Earth.
[33:17] REOR’s customer base.
[38:24] REOR is a deep technology company, but it was an organic fit with the InsurTech space.
[40:10] The issue of AI working with the dynamics of physics.
[42:15] Teaching AI the components of mathematics.
[42:42] Building the fluid dynamics engine.
[45:13] What is it like to be at the forefront of AI?